Politics

Out of context: Reply #10831

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  • luckyorphan0

    Once again in the President's own words...because this is important:

    "...every dollar you earn, you pay into the payroll tax. But think about that other 5 percent that's making more than $109,000 a year. Warren Buffett, he pays the payroll tax on the first $109,000 he makes, and then for the other $10 billion, he doesn't pay payroll tax.

    Yes, that's right. That's the way it works.

    So what we've said is, doesn't it make sense to maybe have that payroll tax cut off at a higher level, or have people -- maybe you hold people harmless till they make $250,000 a year, but between $250,000 and a million or something, they start paying payroll tax again -- just to make sure that the fund overall is solvent."

    luckyorphan 0Permalink
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